Clermont, Kentucky Property Taxes
The median property tax rate in Clermont, KY is 1.15%, significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Clermont, the typical annual property tax bill amounts to $337, surpassing the national median of $2,690. Property taxes in Clermont are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Clermont's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Clermont or another part of Bullitt County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Clermont, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Clermont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clermont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clermont to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Clermont, Kentucky
Property taxes in Clermont, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clermont is 1.15%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Clermont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clermont estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Clermont's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40110 zip code has the highest median property tax rate of 1.15%, while the same zip code also has the lowest median tax rate of 1.15%. Understanding how these cities compare with Clermont provides valuable insights into the varying tax landscape across Bullitt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clermont Tax Rate
1.15%
Average Bullitt County Tax Rate
1.18%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clermont, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40110 | 0.13% | 0.84% | 1.15% | 1.19% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Clermont, Kentucky
In Clermont, Kentucky, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Bullitt County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Clermont, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The median home price in Clermont is $38,320, with tax bills ranging from $58 at the 25th percentile to $1,627 at the 90th percentile. The zip code with the highest and lowest median tax bill is 40110, both at $337. Being aware of these valuation processes in Clermont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Clermont Assessed Value
$38,320
Average Bullitt County Assessed Value
$159,604
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clermont, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40110 | $5,000 | $15,750 | $38,320 | $92,388 | $143,583 |
Source: Ownwell
Property Tax Bills Across Clermont, Kentucky
Property tax bills in Clermont, located in Bullitt County, KY, are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is then multiplied by the property tax rate set by local authorities. For comparison, the national median property tax rate is 0.99%. In Clermont, homeowners can expect their tax bills to vary significantly. For instance, the tax bill at the 25th percentile is around $58, while at the 75th percentile, it rises to approximately $1,097. At the 90th percentile, it can reach up to $1,627. Factors that influence the property tax bill include the property's market value, any applicable exemptions, and the specific tax rate in the area. Homeowners in Clermont need to be aware that these property taxes fund essential local services such as schools, public safety, and infrastructure. Understanding how these factors interplay can help homeowners anticipate their tax obligations and manage their finances more effectively.
Average Clermont Tax Bill
$337
Average Bullitt County Tax Bill
$1,790
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Clermont, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40110 | $36 | $58 | $337 | $1,097 | $1,627 |
Source: Ownwell